So Re-balance Cycle Reminder All MyPlanIQ’s newsletters are archived here.
Regular AAC (Asset Allocation Composite), SAA and TAA portfolios are always rebalanced on the first trading day of a month. the next re-balance will be on Monday July 3, 2023.
As a reminder to expert users: advanced portfolios are still re-balanced based on their original re-balance schedules and they are not the same as those used in Strategic and Tactical Asset Allocation (SAA and TAA) portfolios of a plan.
Lazy Portfolios Review
MyPlanIQ has monitored so called ‘lazy portfolios’ for more than a decade. Similar to our long term belief that index stock funds usually have inflation beating average returns if held for a long term (see our previous newsletter Low-Cost Stock Index Funds: Quality ‘Business Conglomerates’ for Solid, Low-Risk Long-Term Returns), lazy portfolios suggested by various guru investors do have a place for many average investors’ long term investments. In this newsletter, we review some of these lazy portfolios.
Lazy portfolios: global or US centric allocations
The following are the asset allocations of a few of famous lazy portfolios. Notice there might be multiple holdings in a major asset class.
Portfolio Name | US Stocks | Intl Stocks | Em Stocks | REITs | Bonds | Commodities |
P David Swensen Yale Individual Investor Portfolio Annual Rebalancing | VTSMX 30% | VGTSX 15% | VEIEX 5% | VGSIX 20% | VIPSX 15% | |
VUSTX 15% | ||||||
Harry Browne Permanent Portfolio | VFINX 25% | VUSTX 25% | ||||
CASH 25% | GLD 25% | |||||
Scott Burn`s AssetBuilder DFA Model Portfolio 09 | DFLVX 7% | DFIVX 6% | DEMSX 6% | DFREX 8% | DFGFX 20% | DBC 7% |
DFUSX 9% | DISVX 6% | DFEVX 6% | DFIHX 19% | |||
DFFVX 6% | ||||||
Rick Ferri Core Four Lazy Portfolio | VTSMX 36% | VGTSX 18% | VGSIX 6% | VBMFX 40% | ||
Israelsen 7Twelve Portfolio | VV 8.37% IJH 8.33% VIOO 8.33% |
VEA 8.33% | VWO 8.33% | VNQ 8.33% | BND 8.33% VTIP 8.33% CASH 8.33% BNDX 8.33% |
DBC 8.33% |
VBINX (Vanguard Balanced Index Inv) | VTSMX 60% | VBMFX 40% |
What we can see in the above is that guru investors can have various opinions on asset allocations. Among them, some are very diversified: Israelsen 7Twelve Portfolio and Scott Burn`s AssetBuilder DFA Model Portfolio 09 are two most diversified. They both have sizable exposure to US stocks and commodities. Both also have more refined exposure in US stocks and bonds.
Harry Browne Permanent Portfolio is perhaps the most famous and simplest ‘alternative’ asset allocation portfolio that has very aggressive allocations to gold (GLD) and long term Treasury bonds (VUSTX).
On the other hand, Rick Ferri Core Four Lazy Portfolio and VBINX are US centric. Long time readers should notice that VBINX is MyPlanIQ’s default benchmark for our moderate allocation portfolios.
The variations represent various believes on how to utilize assets for better returns and risk management. For example, Harry Browne is famous for his four pillar asset theory to cover the following four major economic situations/conditions:
What were hot are cold in the past decade
Well, when we started to monitor these lazy portfolios in 2010-2012, the ‘alternative’ assets such as commodities and foreign stocks and bonds had outperformed US stocks in the previous decade. The following table compares how these lazy portfolios have done for the past decade:
Ticker/Portfolio Name | YTD Return** |
1Yr AR | 3Yr AR | 5Yr AR | 10Yr AR | 15Yr AR |
---|---|---|---|---|---|---|
P David Swensen Yale Individual Investor Portfolio Annual Rebalancing | 5.7% | -1.7% | 5.2% | 6.1% | 6.8% | 6.6% |
Harry Browne Permanent Portfolio | 6.0% | 1.0% | 2.0% | 5.5% | 4.9% | 5.6% |
Scott Burn`s AssetBuilder DFA Model Portfolio 09 | 2.6% | -5.4% | 6.0% | 1.3% | 2.0% | |
Rick Ferri Core Four Lazy Portfolio | 7.7% | 0.2% | 6.1% | 5.7% | 6.2% | 5.9% |
Israelsen 7Twelve Portfolio | 3.2% | -2.7% | 6.7% | 4.8% | 4.9% | |
VBINX (Vanguard Balanced Index Inv) | 8.8% | 4.9% | 8.1% | 8.0% | 8.2% | 7.5% |
**: NOT annualized
Observations:
- Diversification hasn’t helped for the past decade. The two most diversified portfolios Scott Burn`s AssetBuilder DFA Model Portfolio 09 and Israelsen 7Twelve Portfolio have done the worst.
- Nothing beats the simplest 60% US stocks and 40% US bonds VBINX (Vanguard Balanced Index Inv).
- Commodities had big negative impact on returns
- International and emerging market stocks became a drag to returns. See the following asset return table. On the other hand, BNDX (international bonds) actually did slightly better than US bonds for the past 10 years.
- David Swensen Yale Individual Investor Portfolio Annual Rebalancing and a few others are in the middle ground. These portfolios have more US stocks exposure but also have some international exposure.
Major asset returns
Asset/ETF Names | YTD Return** |
1Yr AR | 3Yr AR | 5Yr AR | 10Yr AR | 15Yr AR |
---|---|---|---|---|---|---|
VTI (Vanguard Total Stock Market ETF) | 12.2% | 5.2% | 13.3% | 10.7% | 11.9% | 9.8% |
VNQ (Vanguard REIT ETF) | 1.4% | -10.6% | 6.2% | 5.5% | 6.1% | 5.9% |
VEA (Vanguard FTSE Developed Markets ETF) | 10.4% | 6.4% | 10.7% | 4.8% | 5.8% | 3.2% |
GLD (SPDR Gold Shares) | 6.7% | 3.8% | 3.6% | 8.1% | 3.1% | 5.1% |
VWO (Vanguard FTSE Emerging Markets ETF) | 3.6% | -5.0% | 4.0% | 0.7% | 2.6% | 1.1% |
BNDX (Vanguard Total International Bond ETF) | 4.0% | 0.5% | -2.0% | 1.1% | 2.2% | |
BND (Vanguard Total Bond Market ETF) | 3.3% | 0.3% | -2.6% | 1.6% | 1.8% | 2.9% |
TLH (iShares 10-20 Year Treasury Bond) | 5.0% | -3.4% | -9.2% | -0.1% | 1.0% | 3.3% |
CASH (CASH) | 2.0% | 3.2% | 1.1% | 1.2% | 0.7% | 0.5% |
DBC (PowerShares DB Commodity Tracking ETF) | -7.9% | -22.4% | 24.2% | 5.7% | -0.9% | -3.5% |
What to do?
The above results are somewhat discouraging: the more diversified, the worse the portfolios return. Furthermore, many portfolios that were designed to take advantage of global economy expansion were clearly hurt: after all, the US stocks are clearly the leader among all of the major assets by some large margins, as can be seen in the above table.
We give the following several responses.
The first is, surprisingly, to do nothing. After all, a lazy portfolio is designed to be a very long term investment. The vary long term means at least 20 years or even longer. For example, if we compare the US stocks (VFINX), international stocks (VGTSX) and emerging market stocks (VEIEX) using index mutual funds as they have longer history from 2000, we see the following:
It can be observed that the emerging market fund VEIEX showed comparable returns to VFINX, which represents US stocks and the S&P 500 index. Surprisingly, until 2020, emerging market stocks outperformed VFINX, especially if the investment was made starting from 2000. Over the past 20 years (or 10 years), there has been a significant shift in fortunes. However, the question remains: can we accurately predict what will happen in the next 20 years?
Our second response is that we must thoroughly understand and have realistic expectations regarding our portfolios and investments. This implies being fully prepared for extended periods of underperformance, which can last for 10, 20, or even 30 years. If accepting this psychologically is challenging, there are several options available:
-
Focus on domestic assets. For US investors, this would mean adopting a strategy similar to VBINX or Rick Ferri’s approach. However, choosing this path requires being ready for potential disappointment when US assets underperform compared to other assets. Prior to 2010, for example, US-centric investors were discouraged by the outperformance of global assets. On the other hand, this disappointment will be somewhat mitigated by the fact that most individuals in your country will likely face similar challenges.
-
Consider tactical asset allocation. These portfolios are designed to capture the returns of top-performing assets. However, even these portfolios are susceptible to suffering when a single asset performs well while others are highly volatile. This scenario has occurred over the past decade, where international and emerging market stocks experienced fluctuations that led to false momentum starts. In other words, tactical or dynamic allocation is not foolproof, and investors need to be fully prepared for periods of weak performance.
-
Ultimately, one should treat lazy portfolios (a type of strategic asset allocation) and tactical or active allocations as different forms of diversification. Combining or diversifying between various allocation strategies will not guarantee immediate investment success, but it can lead to a smoother journey and, over time, increase the likelihood of achieving positive outcomes.
It is crucial to reiterate that when referring to the long term, we generally consider a period of no less than 20 years. Indeed, “long term” truly means a substantial amount of time. Unfortunately, that is the nature of investing—it requires a long-term perspective and it’s a long-term game.
Market overview
With almost all (99%) of S&P 500 companies having reported Q2 earnings, corporate America has shown its resilience: the blended earnings decline for S&P 500 is -2.1%, much better than the previously expected decline -6.7% on 3/31/2023 (see Factset). On the other hand, job reports on last Friday gave some conflicting signals: the payroll survey (i.e. survey from companies and government agencies) showed a still strong hiring practice while household survey showed a rising unemployment. The unemployment rate rose to 3.7% from previous 3.4%. With interest rates being high and banks having been forced to tighten their lending due to their balance sheet mismatch (holding too much long term bonds), the US economy is probably not as rosy as the stock market shows.
As always, we call for staying the course which is guided by the well defined and sound strategic and tactical strategies:
- For strategic allocation (buy and hold) investors, ignore the current market behavior. Remember, as what we have emphasized numerous times, when you choose and commit to a strategic portfolio, you essentially know and commit that your investment horizon (or the time you need to utilize this capital) is 20 years or preferably much longer given the current high valuation. As we pointed out, if your investments are those diversified (index) funds such as an S&P 500 index fund (VFINX, for example), you know your money is in some solid ‘business’ that eventually (20 years later and preferably many more years later) will deliver some reasonable returns. As long as you are comfortable with this thesis, you should sit tight and forget about the current gyration.
- For tactical investors, again, you have to ignore the current market noise. Furthermore, you should follow your strategy rigorously, especially in a time like this. Human emotion, both optimistic and pessimistic, and human desire, both greedy and fearful, are your worst enemies. This has been shown to be true time and time again.
Stock valuation has dropped and now valuation is becoming less hostile. However, it is still not cheap by historical standard. For the moment, we believe it’s prudent to be extra cautious. However how serious a correction might be, we have confidence in the US economy in the long term and thus in the stocks in aggregate. We just need to manage through interim losses carefully.
We again would like to emphasize that for any new investor and new money, the best way to step into this kind of markets is through dollar cost average (DCA), i.e. invest and/or follow a model portfolio in several phases (such as 2 or 3 months) instead of the whole sum at one shot.
Haven’t started to construct your portfolios or puzzled how to choose your investments?
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- April 11, 2016: Construction of Sound And Conservative Portfolios
- March 28, 2016: Total Return Bond ETFs Review
- March 21, 2016: Small And Large Company Stock Performance In Different Economic Expansion Cycles
- March 14, 2016: Are Tactical And Timing Strategies Losing Steam?
- March 7, 2016: Defined Maturity Bond Fund Analysis
- February 29, 2016: Smart Strategic Asset Allocation Rebalance When Market Trend Changes
- February 22, 2016: Be Cash Smart
- February 15, 2016: Bond ETF Portfolios
- February 8, 2016: Newsletter Collection Update
- February 1, 2016: Total Return Bond Fund Portfolios In A Volatile Period
- January 25, 2016: Alternative Portfolios Review
- January 18, 2016: Strategic Asset Allocation: A Cautious Outlook
- January 11, 2016: Review Of Trend Following Tactical Asset Allocation
- January 4, 2016: What Worked And Didn’t In 2015
- December 21, 2015: Distressed Assets
- December 14, 2015: High Yield Bonds And Their Correlation With Stocks
- December 7, 2015: Diversification And Global Allocation
- November 30, 2015: Investors and Speculators Combined
- November 23, 2015: Active Stock Fund Performance Consistency
- November 16, 2015: Permanent, Risk Parity And Alternative Portfolios Review
- November 9, 2015: Broad Base Core Mutual Fund Review
- November 2, 2015: Broad Base Index Core ETFs Review
- October 26, 2015: Total Return Bond Fund Review
- October 19, 2015: Advanced Portfolio Review
- October 12, 2015: What About Commodities?
- October 5, 2015: Core Satellite Portfolios In A 401k Account
- September 28, 2015: Risk Managed Strategic Asset Allocation Portfolios Revisited
- September 21, 2015: Quest For The Best Investment Strategy
- September 14, 2015: Core Satellite Portfolios In Market Turmoil
- September 7, 2015: Market Rout Creates An Opportunity to Reposition Your Portfolios
- August 31, 2015: Review of Asset Allocation Funds and Portfolios
- August 24, 2015: Market Rout And Your Portfolios
- August 17, 2015: ETF or Mutual Fund Based Portfolios
- August 10, 2015: Updated Newsletter Collection
- August 3, 2015: Slippery Asset Trends
- July 27, 2015: Performance Dispersion Among Momentum Based Portfolios
- July 20, 2015: Global Balanced Portfolio Benchmarks
- July 13, 2015: Pain in Tactical Portfolios
- July 6, 2015: Fixed Income Total Return Bond Funds In Strategic Asset Allocation Portfolios
- June 29, 2015: Core ETF Commission Free Portfolios
- June 22, 2015: Secular Asset Trends
- June 15, 2015: Giving Up Bonds?
- June 1, 2015: Summer Blues?
- May 26, 2015: Cash, Bonds and Stocks In A Rising Rate Environment
- May 18, 2015: Portfolio Update
- May 11, 2015: Pain in Fixed Income?
- May 4, 2015: The Balanced Stock and Long Term Treasury Bond Portfolios
- April 27, 2015: Long Term Treasury Bond Behavior
- April 20, 2015: 529 College Savings Plan Rebalance Policy Change
- April 13, 2015: Total Return Bond Funds As Smart Cash
- April 6, 2015: The Low Return Environment
- March 30, 2015: Brokerage Specific Core Mutual Fund Portfolios 2
- March 23, 2015: Investment Arithmetic for Long Term Investments
- March 16, 2015: Brokerage Specific Core Mutual Fund Portfolios
- March 9, 2015: Newsletter Collection Update
- March 2, 2015: Total Return Bond ETFs
- February 23, 2015: Why Is Global Tactical Asset Allocation Not Popular?
- February 16, 2015: Where Are Permanent Portfolios Going?
- February 9, 2015: How Have Asset Allocation Funds Done?
- February 2, 2015: Risk Management Everywhere
- January 26, 2015: Composite Portfolios Review
- January 19, 2015: Fixed Income Investing Review
- January 12, 2015: How Does Trend Following Tactical Asset Allocation Strategy Deliver Returns
- January 5, 2015: When Forecast Fails
- December 22, 2014: Long Term Asset Returns: How Long Is Long?
- December 15, 2014: Beaten Down Assets
- December 8, 2014: Implementing Core Asset Portfolios In a Brokerage
- December 1, 2014: Two Key Issues of Investment Strategies
- November 24, 2014: Holiday Readings
- November 17, 2014: Retirement Spending Portfolios Update
- November 10, 2014: Fixed Income Or Cash
- November 3, 2014: Asset Trend Review
- October 27, 2014: Investment Loss, Mistakes And Market Cycles
- October 20, 2014: Strategic Portfolios With Managed Volatility
- October 13, 2014: Embrace Volatility
- October 6, 2014: Tips For 401k Open Enrollment
- September 29, 2014: What Can We Learn From Bill Gross’ Departure From PIMCO?
- September 22, 2014: Why Total Return Bond Funds?
- September 15, 2014: Equity And Total Return Bond Fund Composite Portfolios
- September 8, 2014: Momentum Based Portfolios Review
- September 1, 2014: Risk & Diversification: Mint.com Interview
- August 25, 2014: Remember Risk
- August 18, 2014: Consistency, The Most Important Edge In Investing: Tactical Case
- August 11, 2014: What To Do In Overvalued Stock Markets
- August 4, 2014: Is This The Peak Or Correction?
- July 28, 2014: Stock Musings
- July 21, 2014: Permanent Portfolios & Four Pillar Foundation Based Framework
- July 14, 2014: Composite Portfolios Review
- July 7, 2014: Portfolio Behavior During Market Corrections
- June 30, 2014: Half Year Brokerage ETF and Mutual Fund Portfolios Review
- June 23, 2014: Newsletter Collection Update
- June 16, 2014: There Are Always Lottery Winners
- June 9, 2014: The Arithmetic of Investment Mistakes
- June 2, 2014: Tips On Portfolio Rebalance
- May 26, 2014: In Praise Of Low Cost Core Asset Class Based Portfolios
- May 19, 2014: Consistency, The Most Important Edge In Investing: Strategic Case
- May 12, 2014: How To Handle An Elevated Overvalued Market
- May 5, 2014: Asset Allocation Funds Review
- April 28, 2014: Now The Economy Backs To The ‘Old Normal’, Should Our Investments Too?
- April 21, 2014: Total Return Bond Investing In The Current Market Environment